The First Progress Platinum Prestige Mastercard® Secured Credit Card stands out as a noteworthy choice for individuals seeking to establish or rebuild their credit history, offering a low APR and beneficial terms.
It is particularly suited for those looking for a secured card to facilitate credit building while minimizing interest costs, despite the presence of an annual fee.
$49
1%
N/A
Poor/Limited/No Credit
CreditFinder’s Rating: 3.5/5
This secured card earns a moderate rating, reflecting its balanced approach to credit building and cost-effectiveness. Its standout feature is the low APR, coupled with a structure that encourages responsible credit usage through modest rewards.
Rewards and Terms:
The First Progress Platinum Prestige Mastercard® Secured distinguishes itself by offering 1% cash back on your payments, a rare feature in secured credit cards, which incentivizes timely payments and fiscal responsibility. This card also demands a $49 annual fee and a refundable security deposit, starting at $200, which serves as your credit limit.
Welcome Offer and APR:
Unlike most secured cards, First Progress provides a welcome offer that adds an element of initial reward for new cardholders. Moreover, the card offers an exceptionally low ongoing APR of 15.24% variable, which is beneficial for those who might carry a balance—though carrying a balance is not advised for those looking to build credit efficiently.
Comprehensive Fee Structure Analysis:
The card’s fee structure includes a $49 annual fee and other typical charges such as late payment fees and foreign transaction fees. While these costs are a consideration, the low APR can offset these if managed wisely by maintaining low balances and making payments on time.
Credit Building Features:
First Progress reports to the three major credit bureaus monthly, aiding in the rapid establishment of a credit history. The soft pull on your credit during application ensures your score isn’t initially impacted, making this card accessible to those with limited or recovering credit scores.
Additional Perks for Cardholders:
While limited, the card’s perks include the ability to earn cash back on payments, which can be redeemed as statement credits, thus reducing your balance. This feature is designed to support habitual on-time payments, crucial for building a positive credit history.
Pros and Cons:
Pros:
- Low APR helps minimize interest charges on carried balances.
- Cash back on payments encourages regular use and timely repayments.
- Reports to three major credit bureaus, promoting credit score improvement.
Cons:
- Annual fee and other associated fees could diminish the card’s value.
- Limited reward structure compared to unsecured cards.
- Low initial credit limit, dictated by the deposit, could restrict purchasing power.
Reasons to Choose First Progress Platinum Prestige:
This card is ideal for individuals seeking a low-cost avenue to rebuild their credit. The low APR combined with rewards on payments provides a financially sensible method to enhance credit scores, provided balances are managed responsibly.
Alternative Secured Card Comparisons:
When compared to other secured cards, the First Progress Platinum Prestige stands out for its low interest rate. However, cards like the Discover it® Secured offer cash back without an annual fee, making them potentially more rewarding for disciplined users.
Final Assessment:
The First Progress Platinum Prestige Mastercard® Secured Credit Card is a solid choice for those prioritizing low cost of borrowing in their credit-building journey. Its rewards program, aimed at enhancing payment habits, along with the low APR, offers a practical path to improving one’s credit score, making it a commendable option in the secured card market.
